Vivendi: a split project, partly structured around Canal+ and Havas, under study

"In order to fully unleash the development potential of all its activities, the management board of Vivendi proposed to the supervisory board - which gave its approval on the matter today - to explore the feasibility of a project to split the company into several entities," announced the French media and entertainment group on 13/12/2023.

The proposed split into several listed entities would be structured around the pay and free-TV group Canal+, the communications group Havas, both wholly-owned by Vivendi) and an investment company "with listed and unlisted financial stakes in the cultural, media and entertainment sectors" as well as "a majority stake in the Lagardère group". This investment company would "actively support the strategic development of its portfolio companies and would focus on value creation and capital return to its shareholders, through an effective portfolio rotation and a targeted reinvestment policy," said Vivendi.

"Since the distribution and listing of Universal Music Group in 2021, Vivendi has endured a significantly high conglomerate discount, substantially…